A report from The Athletic has revealed that Manchester United have paid a jaw-dropping amount of dividends to their shareholders, including the Glazer family, amidst the financial turmoil imposed by the coronavirus pandemic.
The late American billionaire Malcolm Glazer brought the majority (57 percent) of the stake at Manchester United in 2005, after J.P. McManus and John Magnier decided to sell their shares.
Since the Glazer family has become the highest stake-holder of United, the club have witnessed more dark days than bight ones both on and off the field.
If we shorten things, United fans have never been happy with the purchase conducted by the Glazers.
Since taking over the majority of the stake, the Glazers have taken millions out of the club in the form of dividends.
And amidst COVID-19 the pandemic, the scenario hasn’t changed much as United kept paying huge dividends to their shareholders.
The Athletic has revealed that Manchester United have recently paid £11.9 million in the second offering of the year, meaning United’s shareholders have had already pocketed £23.2 million from 2020 through dividends.
This year, the numbers were £100,000 less than what it was in 2019.
Now an owner of 78 per cent of the Mancunian club, the Glazers family has had bagged the largest amount from the dividends, as a result.
The story further revealed that the terms of paying the dividends were agreed well before coronavirus hit the footballing world.
And as things stand, Manchester United will continue paying the amount to its shareholders as far as they can afford it.
However, the amount of the next dividend has not set yet.
There would be a new meeting where every aspect of the club will be debated and discussed. And then, the decision will be made in accordance.
Manchester United have seen a loss of £70m in revenues due to this on-going pandemic.
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